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The 2014 Housing Wrap-up
Today I began seeing press releases from real estate pundits throwing out their predictions for the 2015 housing market. That’s all fine and good and I will probably give own opinions on 2015 in the coming weeks, but before I do that I thought it would be appropriate to take a look at what transpired in 2014.
2013 was a hot year for home prices across the nation and the prediction for 2014 was that prices would continue to rise but at a much slower 4% - 5% increase compared to the 10% plus of 2013. I saw that to hold true as the first quarter of 2014 was still strong, but as summer approached I noticed a few thing transpire that led to a slight downturn in sales prices into the second half of the year.
Confidence was high coming out of 2013 and because prices had rose significantly many homeowners were now finally not “underwater” any longer and could finally make that move they had been wanting to make. This led to an uptick in inventory available for sale as owners listed their homes for sale looking to “move up”, “move down”, or relocate. ... more
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